当"小学生收割机"卡游的IPO长跑仍悬于港交所门外、面临对赌倒计时之际，卡牌资本赛道已挤入新选手——潮流IP消费品公司Suplay已于近日递交招股 书，拟争夺"卡牌第一股"席位。 值得注意的是，表面"小而美"的Suplay，却难掩内在隐患。招股书披露，其自有IP收入贡献仅占4%，绝大多数营收依赖外部授权IP，暴露出严重的IP依赖 症。同时，公司销售高度倚重经销商渠道，这意味着跨区串货、价格体系混乱等风险难以掌控。 自卡游2024年初递表以来，整个卡牌赛道便被置于镁光灯下：暴利、标准缺失、青少年成瘾等问题相继成为行业标签。而卡游闯关港股两年未果，更让市 场对此类企业的上市前景投下疑虑。 如今，Suplay在情绪消费热度未退之际叩响港交所大门，其成人向定位虽暂避政策锋芒，但IP自主性薄弱、渠道管控乏力等结构性弱点，是否会在审视中 放大？在监管与市场的双重目光下，这或许不止是一场IPO闯关，更是对卡牌赛道商业可持续性的一次压力测试。 年入3亿，背靠米哈游 公开资料显示，成立于2019年底的Suplay是一家覆盖IP、渠道全产业链的潮流IP消费品公司。它从线上小程序起家，全渠道累计用户近百万。 在这次递表之前，市场几 ...

Group 1: Snack Food Industry - Qiaqia Food achieved steady revenue growth in October, but nut category volume contracted in November due to the timing of the Spring Festival, while the sunflower seed category continued to grow. The main focus for future product development will be on nuts, including single nuts and flavored nuts, with increased promotion and distribution efforts. New products in the pipeline include konjac, peanut fruit, potato chips, and nut milk, indicating a stronger push for category expansion compared to the past [4] - Ximai Food's sales performance in Q4 2025 is strong, continuing the trend from the previous three quarters. The company aims to maintain steady revenue growth in its oatmeal business for 2026, with new health products expected to contribute additional revenue. The online sales of new health products launched in late November are performing well, and the company plans to continue channel expansion [4] - Wancheng Group is focusing on improving store quality while controlling the speed of new store openings. The performance of same-store sales has improved compared to H1 2025, and the company plans to accelerate store openings in 2026. The company is also experimenting with new product categories in different city tiers, including short shelf-life products and daily necessities [4] Group 2: Food Supply Chain - Anjijia Food reports continued improvement in operations, with reduced price competition in the frozen food industry. The company has seen improved downstream restaurant demand and has maintained low promotional efforts, resulting in lower inventory levels among distributors. The focus has shifted from channel-driven to new product-driven strategies, with notable sales growth in new products like shrimp slices [5][6] - The company is also expanding into frozen baking and halal food sectors, indicating a diversification of its product offerings. The channel strategy has evolved from fully embracing customization to a more controlled approach, enhancing operational efficiency [6]

Core Viewpoint - Douyin has initiated a special governance action against false advertising and irregular marketing practices related to Moutai, leading to the removal of many unauthorized stores selling Moutai at low prices [2][3][13]. Group 1: Douyin's Actions - Douyin has responded to rumors about penalties for selling Moutai below market price, clarifying that these claims are misinterpretations [3]. - The platform has launched a special governance action targeting false advertising and irregular marketing practices, particularly those using "false low prices" to attract customers [3][13]. - As part of this initiative, Douyin has already dealt with over 2,000 irregular products and 690 violating merchants in the past three months [13]. Group 2: Market Impact - The price of 53-degree Moutai has become a focal point, with many stores previously listing it at 1499 yuan per bottle now showing as suspended or removed [1][11]. - Following the governance actions, the price of 53-degree 500ml Moutai has increased, with current listings generally above 1750 yuan per bottle, compared to lower prices during the "Double 11" shopping festival [11][15]. - The wholesale reference price for Moutai has seen fluctuations, dropping to 1855 yuan per bottle earlier this year but recovering to 1655 yuan as of November 17 [16][17]. Group 3: Industry Reactions - Industry experts suggest that the platform's control over low-price marketing will likely lead to a price recovery for major products like Moutai and Wuliangye [14]. - Moutai's management is actively working with various online platforms to combat counterfeit products and maintain market order [16]. - The recent actions by Moutai and other liquor companies are viewed as a "channel defense war" aimed at stabilizing pricing structures and protecting brand integrity [16].

Group 1 - Major liquor companies, including Kweichow Moutai and Wuliangye, have issued statements during this year's "Double 11" sales event to address unauthorized sales channels and counterfeit products [1][2][3] - The industry is experiencing high inventory levels and price inversion, leading to some distributors selling products at lower prices to alleviate cash flow issues, which disrupts the market price system [1][5][9] - The average inventory turnover days in the industry have reached 900 days, a 10% increase year-on-year, with 60% of companies experiencing price inversion [6][9] Group 2 - Wuliangye has issued multiple consumer notices, revealing that 12% of products tested were counterfeit, with a significant portion sourced from unauthorized channels [2][3] - The price of Moutai has dropped significantly, with a total decline of 36.15% since 2022, reflecting changes in consumer behavior and market conditions [6][7] - The third-quarter financial reports of 20 listed liquor companies show that only Kweichow Moutai and Jiu Gui Jiu achieved revenue growth, indicating a broader trend of declining performance across the industry [9]

Core Viewpoint - Apple has issued a directive to its offline authorized dealers in China, prohibiting them from engaging with any online sales channels, particularly during the upcoming Double Eleven shopping festival, indicating a tightening control over online sales [1][4][5]. Group 1: Policy Changes - Apple has mandated that all offline authorized dealers must not collaborate with any e-commerce platforms, forbidding product display, promotion, or sales on online platforms, including services like "one-piece delivery" and "hourly delivery" [1][6]. - A compliance letter sent to authorized dealers states that any violations, such as online sales or cross-regional sales, will be considered serious breaches, leading to the cancellation of authorization and financial liabilities for the dealers [1][5]. Group 2: Impact on Dealers and Consumers - The new regulations have caught many dealers off guard, as they were previously in place but are now being strictly enforced to prevent disruption of the pricing system [5][6]. - The restrictions will limit the purchasing channels for consumers, making it harder to find authorized dealer products on various e-commerce platforms, potentially leading to fewer discount opportunities [5][12]. - The tightening of online sales channels will particularly impact the booming instant retail business, as consumers will no longer be able to access rapid delivery services from authorized dealers [6][7]. Group 3: Legal and Market Context - The restrictions imposed on authorized dealers may infringe upon their rights to choose sales channels and trading partners, potentially violating antitrust and unfair competition laws [7]. - Apple has faced similar legal challenges in markets outside China, such as a €194 million fine in Spain for restricting third-party sellers on Amazon [7]. - Despite limiting authorized dealers' online sales, Apple is actively participating in the Double Eleven promotions through its official channels, indicating a strategy to dominate online sales [9][11]. Group 4: Financial Performance - Apple's recent financial report for Q4 of fiscal year 2025 shows that revenue from the Greater China region was $14.493 billion, a year-on-year decline of 3.6%, marking it as the only region with a revenue drop [11]. - The overall revenue for the Greater China region for the fiscal year 2025 was $64.377 billion, down 3.85% year-on-year, suggesting a need for Apple to stabilize its market performance through these channel restrictions [11].

Core Insights - Apple has reiterated its policy prohibiting authorized dealers in China from collaborating with any e-commerce platforms, including restrictions on product display, promotion, and sales activities on social media and live streaming platforms [1][4] - This policy aims to address the pricing chaos caused by some authorized dealers using third-party platforms for low-price promotions, which undermines Apple's pricing authority and brand image [4][7] - The move is intended to reshape the channel profit structure and reinforce price uniformity, crucial for maintaining brand premium and stability in the offline experience amid increasing market competition and extended consumer upgrade cycles [7] Summary by Sections - **Policy Enforcement** - Apple has issued a notification to authorized dealers, emphasizing that all online sales channels, including instant retail services, are strictly prohibited [1] - Violation of this policy will result in the cancellation of the dealer's authorization [1] - **Market Context** - The enforcement of this policy reflects Apple's tightening control over channel order, which has been necessary due to intensified online price competition in recent years [4] - The pricing disorder has weakened the pricing power of Apple's official and authorized retail stores [4] - **Strategic Implications** - The strict channel restrictions may temporarily affect the sales flexibility of some dealers [7] - However, in the long term, this strategy is expected to help Apple maintain brand value and user trust, laying a solid foundation for future product sales and service systems [7]

Core Insights - The company, Jinhui Liquor, has demonstrated resilience in the face of cyclical challenges in the liquor industry through product upgrades and market expansion, achieving a revenue of 2.306 billion yuan and a net profit of 324 million yuan in the first three quarters of the year [1][2]. Financial Performance - For the first nine months, Jinhui Liquor reported a revenue of 2.306 billion yuan and a net profit of 324 million yuan, with a total profit of 423 million yuan [2]. - The gross profit margin increased by 0.51 percentage points to 64.65% during the same period [2]. Growth Drivers - The growth of Jinhui Liquor is primarily driven by product structure optimization, regional market breakthroughs, and strong development in emerging channels, forming a "new network" structure [2]. - Revenue from products priced above 300 yuan reached 537 million yuan, a year-on-year increase of 13.75%, while products priced between 100-300 yuan generated 1.228 billion yuan, up 2.36% year-on-year [2]. Market Expansion - Jinhui Liquor's revenue from domestic and external markets was 1.689 billion yuan and 533 million yuan, respectively, indicating a nationwide expansion strategy [2]. - The internet channel revenue grew by 25.22%, reaching 73 million yuan in the first three quarters [2]. Contract Liabilities - Contract liabilities increased to 632 million yuan, a year-on-year growth of 32.73%, reflecting market confidence and effective inventory management [3][4]. - The company has implemented a market strategy focused on "controlling quantity and ensuring price stability," which has enhanced the profit margins for distributors [4]. Brand Development - Jinhui Liquor has received recognition at the 23rd China International Wine Expo, with its products winning silver and bronze awards [5]. - The company has built a multi-dimensional brand image through systematic IP marketing and corporate social responsibility initiatives, enhancing brand visibility and driving sales [6][7].

Core Viewpoint - The report from GF Securities predicts a significant decline in the revenue and net profit of Wuliangye for Q3 2025, with revenue expected to drop by 30% year-on-year and net profit by 45% [1][2][4]. Financial Performance - Wuliangye's revenue for the first half of 2025 was 52.771 billion yuan, a year-on-year increase of 4.19%, while net profit was 19.492 billion yuan, up 2.28% [7]. - Despite positive growth, the growth rates are the lowest in recent years, with Q2 2025 showing a revenue of 15.831 billion yuan, a mere 0.1% increase, and a net profit of 4.632 billion yuan, marking a 7.58% decline year-on-year [8][10]. Market Dynamics - The average price of Wuliangye's core product, "Pu Wu (8th generation)," has decreased by 10% this year, currently at 855 yuan per bottle, with some e-commerce platforms offering it as low as 769 yuan [4][12][19]. - The decline in prices is attributed to aggressive discounting by unauthorized online retailers, which has disrupted the pricing structure and dealer confidence [17][19]. Strategic Adjustments - Wuliangye is focusing on long-term high-quality development, potentially adjusting its strategies to reduce channel inventory and stabilize product prices [4][10]. - The company has taken measures to control unauthorized sales channels, issuing warnings to 46 unauthorized stores to protect its pricing system and brand reputation [19][20]. Investor Sentiment - Institutional holdings in Wuliangye have decreased significantly, with the number of funds holding the stock dropping by 45% from the end of 2024 to mid-2025, and the market value of these holdings shrinking by 51% [10][12]. - The stock price of Wuliangye has fallen over 10% year-to-date as of October 24, 2025 [10].

Core Viewpoint - Leading liquor companies are tightening control over e-commerce channels to combat counterfeit products and maintain brand value [3][5][7]. Group 1: E-commerce Channel Management - On July 18, Moutai Sauce Wine announced the removal of 24 online authorized stores, reflecting a significant tightening of channel control [5][7]. - The removal includes six stores under the Gede Yingxiang brand, which are currently not operating normally due to financial issues and employee wage arrears [4][10]. - The adjustments were made in response to consumer complaints about low-quality products purchased from certain platforms, indicating a proactive approach to protect consumer rights [5][6]. Group 2: Impact on Gede Yingxiang - Gede Yingxiang's stores were removed due to ongoing operational uncertainties, including financial difficulties and a lack of inventory [4][10][11]. - The company has faced significant challenges, including a total of 1.58 billion yuan in execution orders as of 2025, highlighting its precarious financial situation [13]. - Despite the challenges, some Gede Yingxiang offline stores in Beijing are still operating normally, suggesting a mixed operational status [15]. Group 3: Market Implications - The actions taken by Moutai reflect a broader trend among top liquor companies to enforce strict compliance among their partners, aiming to eliminate non-compliant distributors and restore order in the online market [11][12]. - Experts believe that Moutai's decisive actions will enhance investor confidence by demonstrating a commitment to maintaining a healthy pricing system and market order [7][11].

Core Viewpoint - The recent actions taken by China's leading liquor companies, Moutai and Wuliangye, to clean up their e-commerce channels highlight a significant shift in the industry aimed at combating counterfeit products and improving consumer experience [1][5]. Group 1: E-commerce Channel Changes - Moutai's e-commerce channel underwent notable changes within 12 days, with approximately 24 online stores being removed and 4 new ones added [1]. - Wuliangye previously reduced its e-commerce stores by 15 and added 4, indicating a trend among major liquor brands to tighten control over online sales [1][5]. - The cleaning actions by both companies are responses to increasing issues faced by consumers when purchasing products online, reflecting a need to restore order in e-commerce channels [1]. Group 2: Impact on Specific Retailers - All 6 stores under the "billion-level" distributor, Gedeyingxiang, were removed from Moutai's e-commerce channel, marking a significant shift in Moutai's online sales strategy [1]. - Gedeyingxiang's stores showed abnormal operational status, with many listings indicating "out of stock" and a lack of recent activity on social media platforms [6]. Group 3: Counterfeit Product Concerns - Moutai's subsidiary, Laimao, found that 22.1% of the 289 bottles sampled from various platforms were counterfeit [5]. - Wuliangye provided free authentication services for 1,610 bottles, revealing that 16.65% were counterfeit, underscoring the severity of the issue [5]. Group 4: Gedeyingxiang's Operational Challenges - Gedeyingxiang has faced significant operational difficulties, including a history of unpaid wages and legal restrictions on its consumption due to non-compliance with court orders [8]. - The company’s financial troubles have led to the freezing of 44.29 million RMB worth of shares held by its legal representative [8][10]. Group 5: Industry Implications - The actions of Moutai and Wuliangye signal a broader trend in the liquor industry towards stricter channel management and quality control, indicating that companies must ensure high standards to survive in a competitive market [11].